《大行報告》瑞銀升碧桂園服務(06098.HK)目標價至23.5元 行業首選雅生活(03319.HK)(更正)
瑞銀發表的研究報告指，考慮到近期雅生活服務(03319.HK)的收購活動，分析了公共物業管理如學校、醫院及政府寫字樓等的市場，認為除了住宅物業管理外，公共物業管理應是下一個增長範疇，因為政府正開放相關的管理市場，而在相關板塊的併購空間亦正在提升。該行估算相關市場規模達4,000億元人民幣，相對而言住宅物業管理市場規模則為6,080億元人民幣，對行業看法仍然正面，認為雅生活仍然是行業首選，相信隨著收購可助進入公共物業管理市場，而股份亦有機會被納入港股通。
瑞銀表示早前與一些營運商洽談，並查看了480份深圳公共物業管理相關的招標文件，相信市場的入場門檻較高，而且被當地營運商所領導。政府開放公共物業管理目標是要節省成本及提升效率，雖然利潤較低，但相對而言較住宅或商業物管穩定，而管理費每一至三年重新審視，而有參與這個領域的上市公司包括是丹田股份、中海物業(02669.HK)及雅生活服務。
該行認為公共物業管理應較住宅物業管理有更高估值，因為其表現不受物業周期影響，而利潤相對穩定，加上入場門檻高且品牌形象正面。瑞銀提升了對雅生活的盈利預測，目標價由17.1港元升至26.9港元，評級「買入」；而碧桂園服務(06098.HK)目標價則由18.7港元升至23.5港元，評級「中性」。 ~
(更正：2019-10-08 11:13:38 《大行報告》瑞銀升碧桂園服務(06098.HK)目標價至23.5元 行業首選雅生活(03319.HK))
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